Abstract:The gold price has been giving up much of its recent highs despite positive forecasts. The metal made its way steadily downwards after hitting an all-time high at $2,150 per ounce during the Monday trading session in Asia. Previously, asset prices dropped to support of $2,000, which made most analytics turn bearish. At the same time, retail investors try to keep their heads cool and remain bullish.
The gold price has been giving up much of its recent highs despite positive forecasts. The metal made its way steadily downwards after hitting an all-time high at $2,150 per ounce during the Monday trading session in Asia. Previously, asset prices dropped to support of $2,000, which made most analytics turn bearish. At the same time, retail investors try to keep their heads cool and remain bullish.
According to recent surveys. More than half of Wall Street experts (53%) became bearish. Oppositely, retail investors still expect the yellow metal to make another price rally. 59% of them remain bullish. Analysts recommend market participants to stay cautious taking into account the USDs last week's blow-off.
The greenback went up together with treasury yields after the wage inflation data and nonfarm payroll release. Besides, the FED might also make corrections in the gold price movement in the next several weeks.
While most experts turned bearish, some analysts believe the metal is about to see another big rise by the end of the next week. The market has already experienced unexpected reversals and bear traps. So, we might see something similar soon enough. However, we should still consider the possibility of a backdrop. Anyway, the two main gold price drivers will be FOMC and CPI. They will define the further movement during next week.
While retail investors and analysts joined either the bullish or bearish side, some experts remained neutral. If we have a look at the fundamental long-term outlook, the metal seems to be quite a positive instrument. The only problem with the asset is that gold is extremely sensitive to news and geopolitical changes. This time, we are having a stronger-than-expected jobs report. This fact can mitigate soon rate cut expectations.
At the same time, even if the price drops under the support of around $1980 per ounce, it might create perfect bullish opportunities. Further demand will push the price high again with the hope the FED will eventually stop tightening. The gold did kick off with a blast. However, the price keeps sliding down this week featuring the spot gold dropping by 3.29%. Last traded at $1,995.39 per ounce, down 1.60% at the moment of writing.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
In the midst of the 2021 crypto and NFT boom, celebrities flocked to the burgeoning market of digital assets, promoting Non-Fungible Tokens (NFTs) as the next big thing. Fast forward to 2024, the glitter has faded, and many celebrity-endorsed NFTs have lost their allure. The question remains: what happened to celebrities’ NFTs, and why should this serve as a stark reminder for everyday investors?
Updated forex analysis shows USD weakness, focusing on key levels like EUR/USD, DXY bearish trend, and pivot points for major currency pairs.
TradingView and MetaTrader based on ease of use, customization, broker integration, and automation to find the best platform for your trading style.